02.Nov .2021 12:00

How Much Revenue Did Tbilisi Hills Earn?

How Much Revenue Did Tbilisi Hills Earn?
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In 2014, the Government of Georgia transferred land area of 3,311,127 square meters or 331 hectares, located on the south of Tbilisi, to Primera Golf and Residence Ltd. with the direct sale for GEL 9 million.

The state defined investment obligations for the company. Namely, the investor was instructed to arrange a sports / recreation center on the territory, in which at least GEL 6.4 million should be invested. Accordingly, the value of the land and the investment commitment amounted to GEL 15.4 million, which amounts to only GEL 4.65 per square meter.

Now, Tbilisi Hills unites the largest golf club in the capital city and high-class villas.

According to the Business Registry, 100% -shareholder of Primera Golf & Residence is SKINEST RAIL GEORGIA LLC, which is owned by Estonian businessman Oleg Osinowski.

The main part of the territory is in Gardabani municipality, however, about 100 hectares (1 million square meters) belong to Tbilisi, for which the Government of Georgia is considering the company's proposal to transfer the whole land area to Gardabani municipality. The initiative is already submitted to the parliament.

According to the financial report of SKINEST RAIL GEORGIA, the company's revenue in 2020 was GEL 11.2 million, and in 2019 it stood at GEL 18.9 million. In 2020, the company generated a net profit of GEL 4.6 million, while in 2019 its profit was GEL 5.3 million.

As of the Finical Report 2019, the assets of Primera Golf and Residence amount to GEL 88.5 million.